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gab13by13

(32,314 posts)

12. 34 trillion is a meaningless number,

Wed Jan 10, 2024, 09:17 AM

Jan 2024

The notion of paying off our debt is ridiculous. The UK still owes debt from the Napoleonic wars.

The public debt balance actually needs to be evaluated in relation to GDP. The US's debt-to-GDP ratio hovered around 97% last year, below a key threshold of 100%.

"[$34 trillion is] meaningless. It's really in the context of GDP, the resources that are available to make good on the interest of the principal payments on that debt," according to Mark Zandi, the chief economist at Moody's Analytics. "A common mistake people make is that they quote these big numbers, but fail to recognize that there's some really big numbers supporting that debt," he added.

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$34 Trillion [View all] no_hypocrisy Jan 2024 OP

Cutting the IRS budget is not going to help either. Emile Jan 2024 #1

Just To Be Clear ProfessorGAC Jan 2024 #5

Just to be clear the IRS needs a much larger Emile Jan 2024 #8

And, They're Getting It ProfessorGAC Jan 2024 #9

It's not enough! Emile Jan 2024 #10

And what do we have to show for it? Irish_Dem Jan 2024 #2

But...but....but... we have the F-35... ($1.5 Trillion of non-performance)... albacore Jan 2024 #4

Defense contractors have to make a living. :( Irish_Dem Jan 2024 #15

Most of that 34 trillion isn't borrowed, it's been printed. Omnipresent Jan 2024 #3

Therefore, more revenue is needed. no_hypocrisy Jan 2024 #6

No funding needs to be cut.... Omnipresent Jan 2024 #7

More revenue as in cutting the Trump Tax Cuts. no_hypocrisy Jan 2024 #11

Sure, why not. Omnipresent Jan 2024 #13

34 trillion is a meaningless number, gab13by13 Jan 2024 #12

Huge budget deficits are ABSOLUTELY NECESSARY for GOP long term goals Martin Eden Jan 2024 #14